Alison Carnwath, chairman of Land Securities, has ordered Francis Salway, chief executive, to draw up plans to turnaround the troubled property company

But Ms Carnwath, who was appointed chairman last November, has denied reports that she has given Mr Salway just six months – or face being sacked.

Land Securities Group

"In our preliminary statement only two weeks ago, it was made clear that the executive team led by Francis had shown their mettle in the face of the formidable challenges facing the industry. Nothing has changed since then," said a spokesman for Land Securities.

Land Securities shares have underperformed the sector since the company raised £755m from shareholders in February. Weekend newspaper reports claimed that there was growing concern among the non-executive directors that the property company had lost direction. The outcome of the review now being undertaken by the executive team could determine the future of both Mr Salway and Mike Hussey, his deputy.

"The Board are in an active on-going discussion that is testing the robustness of the current strategy with the Executive team," added the spokesman.

"This is what good Boards do and is to ensure that we are best placed to manage through the current market, build on our strength and can look to the future with a clear plan to deliver shareholder value."